The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-09-25

money for the sake of his party. He
was elected acknowledgement last
fall, being the only Republican elected
on the State ticket,-which in and of It
self is significant fact. OF no expert
ence in political life, he was at once
| called to preside over the sessions of the
: ate Senate, in which delicate position
ne acquitted him elf in a creditable and
dignitied manner. In the trying cir
cumstapces he has recently been placed
he has shown himself to be gentleman
and true man. On Tuesday, without
any attempt at display, he took, in the
presence of small but notable assem-
bly,, the oath of Office at the Occidental
parlors in San Francisco. His brief in
augural address was plain, sensible, and
to the point; nothing floWery or gran
eloquent, but simple pledge that his
official course should always be subser
Went to the public good, and according
to true American principles. OF his fu-
ture policy the Governor is not disposed
to speak, though assiduously waited
on" by representatives of the press. As
matter of reason, however, this IS
scarcely to be wondered at. First, it
would not be dignifed at this time; and
second, it is questionable, called as he
was to Office SO unexpectedly, whether
he has even mapped out in his own
mind what his future policy shall be,
other than in its most general lines. 1t
is pleasurable to note, in both press and
people, evidence of disposition to give
hearty support to the new administra-
ton, and a sincere desire that it NAV
prove prosperous and happy.
The financial world of San Francisco
has been exercised not little of late.
The collapse OF the great wheat deal
some weeks ago by the failure of the
professional spectators, Dresbach and
Rosenfeld, IN their insane attempt to
corner the wheat product of the world,
although expected, has stirred the pre-
cincts of Pine and Montgomery Streets
from centre to circumference. A direct
outgrowth of this, and a new and
greater surprise, now comes in the an
nouncement of the change in the man
agement of the Nevada Bank. This
bank, as the public we'll knows, was in
cOrporated in 1875, just at the time of
the great catastrophe to the California
Bank. Its incorporators were James @.
Flood, William S. O'Brien, John w.
Mackay, James G. Fair, and Louis Mo
Lane, and It's capital stock was IS ,0O0,-
600. From the first it met with pro-
nounced success, receiving over $500, 900
in deposits on the very first day of its
opening. Louis McLsne served as pre-
sident till 1881, when he was succeeded
by James G. Flood. In 1885 some very
serious differences arose between Fair
on one side, and Flood and Mackay
on the other, the result of which was
that Senator Fair retired from the bank,
completely seVering his connection
10 = L.
been complete enlargement between this
OF bonanza kings. Hence,
it was a matter of general surprise when
the announcement came on Tuesday
that Jim" Fair was again president of
the Nevada Bank, and curiosity became
rife as to the method in which recon
Citation had been effected.
For number of months it has been
patent fact that the Nevada Bank was
heavy sums of money to the
wheat dealers, Dresbach d RoSenfeld;
and owing 10 the fact that neither of
these men were looked upon as capital
lists, it was suspected that the bank it
self was the arch-mover in the gigantic
speculation. However this was, the
collapse of the wheat deal, the failure
and final bankruptcy of Dresbach e.
Rosenfeld, and the consequent involv-
ing of the bank through its heavy losses,
brought matters to crisis, which has
just eliminated in the present change
of management.
On Friday, the day of the Governors
funeral, both Dresbach and Resented
filed statements of their assets and liza
bilities, in which it appears that the
former alone had some Sc 900 900 excess
of liabilities over assets; so that the
Nevada Bank must be out to the tune
of IS 100000 or $4,000 600. When we
take into consideration, also, that the
bank lost heavily in the Chicago deal,
we should scarcely wonder that it
should find its affairs much complicated,
and its credit somewhat shaken; and
we much less wonder that even Messrs
Flood and Mackay should be willing to
make friends once more with their old,
but disgruntled partner, Senator Fair,
and accept his assistance. Blessed be
the work of the peace maker; the good
samaritan in this case was a common
rriend of all parties, and one who was
much rel oiced to see harmony restored
between these men.
Every dilemma of this sort requires a
The onus of the affair is
cast upon Mr.. Brander, late vice presi-
dent of the BANG, who, during the ILL
ness of Mr.. Flood, was entrusted with
the chief direction of the business. But
that Mr.. Brander would take it upon
himself alone to involve the bank to the
extent of so many millions is almost In
conceivable; and the public are inclined
to believe that he mas been sacrificed to
find way out from the distressing cir
cumstances. The ostensible reason OF
Mr.. Flood resignation is his i'll health;
but the chief reason is believed to be the
supreme muddle into which his regime
has involved the bank, and the neces-
sity to bridge over pressing difficulties
by summary methods. The pressure
has already squeezed both Flood aud
MaCkay somewhat, since both are offer
ing real estate for sale. Yet there is lit
tie reason 20 believe that the Nevada
Bank Will be compromised, or its credit
in any lerable degree affected. The
acquisition of James G. Fair as presi-
dent, and the opportune advance of his
ready money, will tide over every diff
Guilty; and the assurance for the future
of q conservative policy in the bank, and
its Limitation to legitimate business, will
prove reassurlng to the public. The
names of three such men as Flood,
Mackay, and Fair, are q sufficient
guarantee of the perfect soundness Of
the bank, even if its losses should prove
to be more enormous than estimated.
There is however to the public,